23 Feb 2023
Section 134(4) must be assessed by reference to the state of affairs at the time the contract was made or brought about; where an agent acquires an interest only after the contract was made and no conflict existed at formation, s134(4)(a) and s134(4)(b) do not authorise cancellation; accordingly the applicant's caveats must be sustained pending substantive proceedings.
4 Dec 2019
The Court held that funds paid by PMCM clients to Arrow for the specific purpose of paying trade contractors were held on an implied express trust for those clients (pass-through/payments as agent), whereas amounts paid to Arrow for its own fees, margin and Purchase Order Suppliers were not trust funds and remain Arrow's assets in liquidation; retentions deducted pre-1 April 2017 that were paid into Arrow's trading account and dissipated (account overdrafts) ceased to exist as trust property, while post-1 April 2017 retentions placed into a separate retentions account are held on trust for th…
28 Sept 2006
Clause 5(o) constituted an appointment of Cornerstone as Edison's agent (or at minimum an agreement that any procured purchase would be in Edison's name); Cornerstone breached that obligation by entering into and completing the Glover agreement in its own name; the breach was fiduciary in nature and equity imposes a constructive trust over Cornerstone's equitable interest in the Glover land in favour of Edison; the appropriate relief is to require nomination of Edison as purchaser, indemnity for short-term liabilities and leave to apply for further orders.